A copy of the MFSA’s consultation note and the draft amended Retail AIF Rulebook can be obtained here.

The key amendments being proposed are:

Retail AIFs will be able to benefit from the derogation under Art 61(5) of AIFMD giving them the flexibility to either appoint a local custodian or a custodian bank established in another EU Member State. This derogation will last until 2017;

Retail AIFs will be able to appoint an administrator based outside Malta; and

Self-managed Retail AIFs that fall below the AIFMD de minimis thresholds will be subject to a de minimis authorisation regime.

Malta will, post-22nd July, 2013, not be permitting EU AIFMs to market AIFs to retail investors in Malta unless certain additional conditions (in addition to the normal AIFMD marketing passport) are satisfied including that the AIF would not be a “complex product” in terms of MiFID.